- Shiba Inu is focused on its digital identity project, Shibdentity for 2024.
- SHIB will offer users a unique, recognizable web3 identity in the form of a Shib Name, and make it a global standard.
- Shiba Inu price recently recovered from its 2024 low of $0.00000827, to $0.00000890 on Thursday.
Shiba Inu laid the foundation for Shibidentity in November 2023 with the introduction of the Shib Name Service. The project has reaffirmed its focus on a web3 identity for market participants to access different platforms and services with a single username.
Shiba Inu’s Shib Name aims to offer a secure and unified way for users to maintain their identity and privacy throughout the web3 ecosystem. SHIB’s renewed focus on its identity project could catalyze the recovery of Shiba Inu’s token.
Also read: XRP Ledger prepares for upgrade to allow token holders to earn income on-chain
Shiba Inu gears up to offer web3 users an identity through Shib Name Service
In a recent tweet, Shiba Inu’s official X (formerly Twitter) account announced that 2024 will be the year of Shibdentity, a project that is focused on giving users control on their identity in a unified and private manner in web3.
The project stresses that Shibdentity is not just a feature, it is a useful functionality for traders in the Shibarium ecosystem and beyond. When a user interacts with digital assets and services in web3, a unique and recognizable identity will give them control over their privacy. A unified username for access to web3 services will simplify the experience for many, in the ecosystem.
A Shib Name, according to the announcement, will offer a secure and unified way to establish a digital presence and maintain it, throughout a web3 journey. Shib Names is a concept that the project will transition from the Shib ecosystem to web3, and calls it the future of “digital identity.”
Shiba Inu’s team is currently working on making Shib Names more intuitive, user-friendly, and the goal is to make sending tokens as easy as sending emails.
Shiba Inu price is $0.00000890, on Thursday. While the meme coin recovered from its 2024 low of $0.00000827, the price is in a downward trend that started in mid-December 2023. A recovery in Shiba Inu price is likely with recent developments in the ecosystem.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.